The Government of Ghana is set to open the book-build for a new four-year cedi-denominated Treasury Bond on Tuesday, September 1, 2026, as it moves to raise long-term funds from the domestic capital market.
The issuance, announced by the Bank of Ghana (BoG) in Notice No. BG/FMD/2026/43, will mature in 2030 and will be issued as a senior unsecured obligation of the Republic of Ghana . The announcement, dated August 29, 2026, was signed by the Secretary of the Bank of Ghana, Aimee Vyda Quashie.
Timeline and Pricing Mechanism
The book-build will open at 9 a.m. on Tuesday, September 1, with the initial pricing guidance released the same day. Revised and final pricing guidance will be issued as necessary on Thursday, September 3, when the books are expected to close at approximately 3 p.m. Final pricing and allocation are scheduled for Monday, September 7, which will also serve as the settlement and issue date .
Unlike fixed-rate auctions with predetermined coupons, this issue utilises a book-build format where investors submit bids based on yield percentages. The BoG stated that all successful bids will clear at a single clearing level, with discretionary allocation at that level in the event of oversubscription .
Investment Terms and Structure
The bond will have a face value of GH¢1 per denomination, with a minimum bid set at GH¢50,000. Additional bids must be made in multiples of GH¢1,000 . Principal repayment is structured on a bullet basis, meaning the principal will be repaid at maturity rather than through periodic amortisation .
The instrument will primarily be marketed to resident investors but will also be open to non-resident investors. The securities are expected to be listed on the Ghana Stock Exchange (GSE), where they will be traded on the Ghana Fixed Income Market (GFIM) .
Strategic Context
This issuance marks a continuation of Ghana’s re-entry into the domestic bond market following the expiration of restrictions imposed under the Domestic Debt Exchange Programme (DDEP) in 2023 . The government formally launched its Domestic Bond Programme in March 2026, establishing the framework for new sovereign bond issuance .
Market analysts have welcomed the return to longer-term borrowing as a means to deepen the financial market and improve the maturity profile of government debt. The reopening of the bond market offers investors options beyond short-term Treasury bills, which have experienced significant demand in recent months .
Market Specialists
Six institutions have been named as active bond market specialists for the transaction: Absa, CalBank, Fincap, GCB, OA, and Stanbic . These institutions will facilitate investor participation in the primary market.
